True Religion Apparel Inc. (NASDAQ: TRLG) may specialize in blue jeans that can easily run more than $200.00 per pair, but now the clothing and apparel designer appears to be up for sale. The Wall Street Journal had reported that it was considering a sale, and now we have confirmation that the company is exploring strategic alternatives.

“Strategic alternatives” implies many strategies to be considered, but for investors this is a code word for “we are for sale.”

The company even noted after confirming this that it has received interest in the outfit. It said:

[A]fter receiving indications of interest from third parties regarding a potential transaction with the Company, the Board of Directors has formed a Special Committee comprised of its non-management directors to explore and evaluate potential strategic alternatives available to the Company, including a possible sale, in order to maximize shareholder value.

Investors need to know that no decision has been made and there is no assurance that any transaction will take place. The Special Committee hired Guggenheim Securities as its financial advisor and Greenberg Traurig as its legal counsel during the strategic review process.

True Religion shares closed at $21.01 on Tuesday, within a 52-week trading range of $20.22 to $37.82. It has a market cap of $532 million as of the close, and Thomson Reuters has estimates of $1.83 earnings per share and $452.8 million in sales for 2012.